Davie Yards Inc.

Davie Yards Inc.

November 05, 2007 13:27 ET

Initial Public Offering of Davie Yards

LEVIS, QUEBEC--(Marketwire - Nov. 5, 2007) - NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Davie Yards ASA ("Davie" or the "Company"), which through its subsidiary Davie Quebec Inc. owns and operates the largest shipyard in Canada, is pleased to announce it has filed a preliminary prospectus in each of the provinces of Canada for an initial public offering, which will be effected concurrently with a private placement in Norway.

Davie Yards is seeking to raise $55 million via a treasury offering, with an additional $50 million being offered through a secondary sale from existing shareholders, through the issuance of Canadian Depositary Receipts. Proceeds from the treasury offering will be used to strengthen the Company's balance sheet and to support the growth in the Company's business. Dundee Securities Corporation has been engaged to act as lead underwriter in the initial public offering in Canada.

The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sales would be unlawful.

About Davie Yards ASA

Davie Yards' head office is located in Quebec, Canada, with an executive office located in Oslo, Norway. Through its sole operating subsidiary Davie Quebec Inc., Davie Yards owns and operates the Davie shipyard in Levis, Quebec. The Davie shipyard has operated for over 180 years and is the largest and among the most sophisticated shipbuilding facilities in North America. Davie Yards builds, converts and repairs a wide range of sophisticated ships and other marine vessels, with a primary focus on complex and technologically advanced vessels for the offshore oil exploration and production services sector.

Contact Information

  • Davie Yards ASA
    Sigurd Lange
    Chief Executive Officer
    + 47 67 200 300